LR sells energy business to investment firm

The deal will create a new engineering and technical consultancy offering specialist asset performance, risk management and project management expertise across industrial assets, the energy transition and rail infrastructure.

David Clark, LR’s energy director, who will lead the new company, said the move supported the company’s mission to help unlock the company’s growth potential. “Our purpose is to help clients manage risk and maximise performance, blending deep technical knowledge, data-driven insights with hands on expertise,” he said.

“The increasing complexity we are seeing, with the transition and restructuring of the energy markets and the impact of digital transformation across our global energy, complex industrial and transport customers, means our solutions are more relevant than ever,” he added.

LR’s chief executive officer, Alastair Marsh agreed that the transaction was the best option to realise the long-term growth potential of the energy business. “LR Energy offers world-class engineering solutions across the sector, and the partnership with Inspirit provides them with further support and investment to underpin their growth objectives,” he said.

The transaction is expected to complete on or before 31 October 2020 and is not subject to any formal regulatory or other approvals.